How do I Know When My Car Has Been Totaled After a Crash?
JACKSON, Mississippi. If you’ve been in a car accident, either your insurance policy or the other driver’s policy will be responsible for making repairs on the vehicle. However, there are cases where insurance companies won’t pay for repairs. This occurs when your vehicle is declared a total loss. According to U.S. News & World Report, total loss is determined when the cost of repairing your car is higher than a certain percentage of your car’s current value. Every state has its own thresholds for determining which vehicles are a total loss. According to CarInsurance.com the threshold for a total loss in Mississippi is when the cost of repairing your car exceeds 70% of the car’s current value.
According to Kelley Blue Book, another situation where a vehicle might be declared a total loss is when it is impossible to safely repair your vehicle. Some accidents damage vehicles so seriously that they cannot be safely repaired or they can never be made road worthy.
If your car is declared “totaled,” your insurance company should offer you the value of your vehicle. Now, it is important to remember that you won’t receive the value of a new model, but rather, the value of your vehicle as it is assessed today. Your insurance company may determine this value using the Blue Book, a computer program, or other estimates. The bottom line is this: if the money you are being offered isn’t enough to purchase a similar model and aged vehicle, then your insurance company’s settlement is too low. How can you know if your insurance settlement is too low? U.S. News & World Report suggests that car owners research local listings. Are there similar models on the market? What is their listed price? If you can provide some listings to your insurer that show that the settlement is too low to “make you whole” and purchase a similar model vehicle, your insurance company may be able to increase your settlement. If you get into a dispute with your insurance company, or if your insurance company refuses to pay you the settlement you believe you deserve, you may want to consider speaking to a qualified car accident lawyer like Malouf & Malouf in Jackson, Mississippi today.
If your insurance settlement is not enough to cover all your losses, you may have other options. First, you should definitely try to negotiate a higher settlement with your insurer. Provide documentation showing that your model vehicle sells for a higher price. If you took good care of your car, U.S. News & World Report recommends showing your insurer repair and maintenance documentation. You may also want to check to make sure that your insurance company is basing their settlement on the right model vehicle. Sometimes insurance companies choose models with no bells and whistles to base the settlement upon. The settlement you receive, regardless of what happens, won’t be enough to buy you a brand-new car. If you’ve been hurt in a car accident, you may have a range of avenues for seeking damages. For example, you may be entitled to seek damages for medical costs, lost wages, and pain and suffering. Malouf & Malouf are personal injury lawyers in Jackson, Mississippi who may be able to assist you in getting the settlement you may need and deserve.
Malouf & Malouf, PLLC 501 E Capitol St. Jackson, MS 39201 Phone Number: (601) 522-2222
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